Friday, March 30, 2012

HENDERSON, USA: Blue Earth Inc. announced that its wholly owned subsidiary, Xnergy Inc. signed an agreement with Biosar Energy SA in connection with their recent collaboration to jointly develop and pursue utility scale solar PV projects in the United States.

Biosar has an impressive history of successful solar PV project development in Europe as of 350MW EPC awarded contracts. Jointly collaborating on projects with BBLU through Xnergy, is expected to allow Biosar to enter the US solar PV markets rapidly and efficiently. BBLU is expected to provide licenses, permitting, design and construction expertise that complements Biosar's equipment procurement and large-scale project execution expertise. The two parties have been working together on project proposals for 10 to 100 MW solar PV projects, prior to the signing of the agreement.

Biosar is a wholly owned subsidiary of ELLAKTOR, listed on the Athens Stock Exchange, that specializes in the engineering, procurement and construction (EPC) of utility scale solar PV projects MW size. Xnergy, a BBLU subsidiary, has about 100 MW of alternative energy interconnect experience in California, where the initial projects being developed are located.

Dr. Johnny R. Thomas, CEO and president of BBLU, said: "This agreement is expected to lead to significant revenue generation as the Xnergy portion of the revenue stream from typical utility scale projects is expected to be $5 to $50 million. The experience and relationships gained working with Biosar is expected to facilitate future development and implementation of the utility scale solar PV projects in the Xnergy project pipeline."